July 5, 2007
Goldman, Sachs & Co.
Goldman Sachs Infrastructure Partners makes investment in Carrix with plans for growth
SEATTLE – Carrix, Inc. announced today that Goldman Sachs Infrastructure Partners has committed to a significant equity investment in the Company, positioning Carrix to capitalize on the substantial growth opportunity in the global port operations industry.
“The combination of Carrix and Goldman Sachs’ skills, networks and combined resources creates a formidable partnership for growing Carrix and provides more opportunities for our employees,” said Jon Hemingway, Carrix CEO.
“We are excited to become part of the Carrix family. Carrix has an experienced, industry leading management team with a proven track record and manages a world-class portfolio of high-quality, core infrastructure assets. Further, the Company has a significant number of important new projects in the pipeline, and we are excited about the prospect of getting them to the operational stage and expanding the company’s assets,” stated Steven Feldman, co-Head of the Goldman Sachs Infrastructure Investment Group.
Carrix is the parent company of SSA Marine and Tideworks Technology. SSA Marine is the largest U.S. owned, and privately held, marine terminal operator in the world, with over 120 marine and rail operations worldwide, including 11 container terminals in LA/Long Beach, Oakland, Seattle, Panama, Mexico and Chile.
Throughout its existence, Carrix has been wholly owned and operated by the Smith/Hemingway family. The Smith/Hemingway family will continue to maintain majority ownership. Carrix’s management team, including Mr. Jon Hemingway, who has served as CEO for the past 17 years, will continue on in their roles.
Completion of this transaction will occur upon completion of the necessary regulatory approvals and fulfillment of the other customary closing conditions.
Carrix’s financial advisor is Citi and its legal advisor is Willkie Farr & Gallagher. Goldman Sachs Infrastructure Partners’ legal advisor is Sullivan & Cromwell, with financial advice provided by Goldman, Sachs & Co.
About SSA Marine
The 58 year old company serves more than 120 locations worldwide, including port operations throughout the U.S. as well as internationally in Panama, Mexico, Chile, Costa Rica, Canada, Vietnam, South Africa and New Zealand. In 2006, SSA Marine handled approximately 22 million container TEU’s. For more information, please visit www.ssamarine.com
About Tideworks Technology
Tideworks Technology is a leading provider of full-service terminal management and planning software solutions for container and multi-purpose terminal operators worldwide at over 70 sites and 23,000 users. For more information, please visit www.tideworks.com
About Goldman Sachs Infrastructure Partners
Founded in 1869, Goldman Sachs is one of the oldest and largest investment banking firms globally. Goldman Sachs is also a global leader in private corporate equity and mezzanine investing. Established in 2006, GS Infrastructure Partners has $6.5 billion in committed capital and seeks investments in traditional infrastructure sectors including transport infrastructure such as toll roads, airports and ports as well as regulated gas, water and electrical utilities. GS Infrastructure Partners has already committed to recent investments including: Associated British Ports, Kinder Morgan, and now Carrix. For more information, please visit www.gs.com